India's largest thermal power generation group NTPC has acquired the majority stakes held by the Indian Ministry of Power in two power generation companies for INR115bn (US$1.5bn). NTPC acquired 100% of North Eastern Electric Power Corporation (NEEPCO) for INR40bn (US$530m), which operates hydropower, thermal (gas-fired) and solar power plants in the north-east of India and 74.5% of THDC India for INR75bn (US$995m), which operates 1,400 MW of hydropower plants (including the 1,000 MW Tehri-1 dam). The state government of Uttar Pradesh will retain the remaining 25.5% in THDC.
In February 2020, the Competition Commission of India approved NTPC’s acquisition of the two companies. With this acquisition, NTPC's capacity has increased to 62 GW across 45 power plants, including 24 coal-fired power plants. It plans to double its installed capacity to 128 GW by 2030 and will invest US$75bn to become India’s largest renewable company in the next ten years.
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